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FxWirePro: NZD/USD gains some upside momentum but still bearish

• NZD/USD strengthened on Monday as greenback weakened ahead of Donald Trump's inauguration speech for insights into the new administration's policies. • Market players were closely watching Trump's inauguration, as his …

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FxWirePro: NZD/USD gains some upside momentum but still bearish
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• NZD/USD strengthened  on Monday as greenback  weakened  ahead of Donald Trump's inauguration speech for insights into the new administration's policies.

• Market players were closely watching Trump's inauguration, as his broad trade tariff policies are expected to fuel inflation, trigger trade wars.

•The focus is on the policies Trump will implement on his first day in office. At a rally the day before, he stated he would impose strict limits on immigration.

•Meanwhile, Reserve Bank of New Zealand next meets on Feb. 19 and markets imply around an 80% chance it will cut its 4.25% cash rate to 3.75%.

• At (GMT 06:13) Kiwi dollar was trading at up  0.63% to 0.5610 against the U.S. dollar. 

•  Immediate resistance is located at 0.5616(21 SMA), any close above will push the pair towards 0.5643(50%fib).

•Support is seen at 0.5601 (38.2% fib) and break below could take the pair towards 0.5547(23.6%fib).

 Recommendation: Good to sell around 0.5650 with stop loss of 0.5680 and target price of 0.5550

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